According to the Association of British Insurers (ABI), the amount insurance companies paid out in motor insurance claims in the third quarter of 2024 increased when compared with the third quarter of 2023. Needless to say, this will have had a bearing upon how much insurers charge to provide such cover.

In the third quarter of 2024, the amount paid out in motor insurance claims amounted to £2.9 billion. In the third quarter of 2023, the amount that was paid out for such claims totaled £2.5 billion. That is an increase of £400 million that equates to a rise in percentage terms of 14%. We are sure that you will agree that is a very large rise.

The average claim paid out amounted to £4,800 in the third quarter of 2024 with this being 8% more than in the same quarter last year. However, it was pleasing to read that the average claim in the second quarter of 2024 was the same as in the following quarter.

Repair costs have increased significantly. In the third quarter of this year they amounted to £2 billion with this being 26% more than in the same quarter of 2023. We are sure that you will agree that is a huge rise.

On a positive note, the average vehicle theft claim fell by 7% to £12,200 in the third quarter of 2024 in comparison to the same quarter last year. However, the average theft from inside a motor vehicle claim increased by a large 17% to £3,000.

Also on a positive note, the Association of British Insurers (ABI) reported that motor insurance premiums fell on average by 2% to £612 per annum during the third quarter of 2024. In the second quarter of 2024 there was also an average fall of 2%.

It will be interesting for you to check your taxi insurance renewal notice when you receive it to see if the premium you are being expected to pay for the next 12 months has changed. It is quite possible that it will be increasing so you may want to shop around to see if you can get quality cover elsewhere with another provider. In this respect, why not get in touch with us and we will see if we can help save you some money. It will cost you nothing to obtain a no-obligation quote. We look forward to hearing from you.